The Fund seeks capital appreciation through direct real estate investments, mostly structured as joint ventures with experienced local operators, focused on multifamily properties across the United States. It may also invest in student housing, manufactured homes, government subsidized properties and ground-up development, and some development projects may include minor retail or office space. The Manager targets development, value-add and core properties, expects to use significant property-level mortgage leverage, and anticipates holding investments for up to ten years before selling them during a harvesting period. No single investment may exceed 15% of commitments without consent.